8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 28, 2021

Blackstone Mortgage Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	1-14788	94-6181186
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

345 Park Avenue, 24th Floor

New York, New York 10154

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 655-0220

N/A

(Former Name or Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	BXMT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2021, Blackstone Mortgage Trust, Inc. (the “Company”) issued a press release and detailed presentation announcing its financial results for the second quarter ended June 30, 2021. The press release and full detailed presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information contained under Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release of Blackstone Mortgage Trust, Inc. dated July 28, 2021.
99.2	Presentation of Blackstone Mortgage Trust, Inc. dated July 28, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BLACKSTONE MORTGAGE TRUST, INC.
Date: July 28, 2021
	By:	/s/ Anthony F. Marone, Jr.
	Name:	Anthony F. Marone, Jr.
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

Blackstone Mortgage Trust Reports Second Quarter 2021 Results

New York, July 28, 2021: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its second quarter 2021 results.

Katie Keenan, Chief Executive Officer, said, “BXMT delivered compelling results this quarter on multiple fronts. We grew our loan portfolio to a record level, driving increased earnings per share. We executed accretive transactions across the capital stack, further strengthening our balance sheet. Credit quality continued to improve, reflecting healthier fundamentals and the benefit of our best-in-class underwriting capabilities as part of Blackstone Real Estate. And our pipeline provides a strong tailwind for further outperformance as we continue to grow our business.”

Blackstone Mortgage Trust issued a full presentation of its second quarter 2021 results, which can be viewed at www.bxmt.com.

Quarterly Investor Call Details

Blackstone Mortgage Trust will host a conference call today at 9:00 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1478981&tp_key=b404a3854f. For those unable to listen to the live broadcast, a recorded replay will be available on the company’s website at www.bxmt.com beginning approximately two hours after the event.

About Blackstone Mortgage Trust

Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com.

Blackstone Mortgage Trust, Inc.

345 Park Avenue

New York, New York 10154

T 212 655 0220

About Blackstone

Blackstone is the world’s largest alternative investment firm. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $684 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements and Other Matters

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Blackstone Mortgage Trust’s current views with respect to, among other things, Blackstone Mortgage Trust’s operations and financial performance and the impact of and recovery from the negative effects of the COVID-19 pandemic. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Blackstone Mortgage Trust believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission (“SEC”) which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. Blackstone Mortgage Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

Investor and Public Affairs Contacts

Investor Relations Blackstone +1 (888) 756-8443 BlackstoneShareholderRelations@Blackstone.com Public Affairs Blackstone +1 (212) 583-5263 PressInquiries@Blackstone.com

EX-99.2

Blackstone

Mortgage Trust, Inc.

Second Quarter 2021 Results

JULY 28, 2021

Exhibit 99.2

Blackstone  |

Blackstone Mortgage Trust, Inc.

1

BXMT HIGHLIGHTS

(1)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(2)

See Appendix for a definition and reconciliation to GAAP net income.

BXMT closed $2.2 billion of new loans in the second quarter, driving over $400 million of net

portfolio

growth

to

a

record

$19.2

billion

(1)

portfolio

at

quarter-end

GAAP

EPS

of

$0.89

and

Distributable

EPS

(2)

of

$0.61;

GAAP

EPS

includes

a

$51

million

CECL

reserve

reduction driven by improving credit environment

$2.2B

2Q

originations

$19.2B

senior loan

portfolio

$3.7B

financing

activity

Focus on low-leverage loans and     

well-capitalized sponsors

Net portfolio growth driving increased

earnings power

Pro-active capital markets execution

enhancing structure and cost of capital

Strong Originations

Growing Portfolio

Blackstone  |

Blackstone Mortgage Trust, Inc.

2

SECOND QUARTER 2021 RESULTS

(1)

See Appendix for a definition and reconciliation to GAAP net income.

(2)

Reflects ratio of annualized second quarter Distributable Earnings to BXMT book value. GAAP Yield on Book was 13.3% for the second quarter 2021.

(3)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(4)

Reflects weighted average LTV as of the date investments were originated or acquired by BXMT.

Earnings

GAAP

earnings

per

share

of

$0.89

and

Distributable

Earnings

(1)

per

share

of

$0.61;

paid

$0.62 per share dividend

GAAP EPS includes a net $0.34 release of prior CECL reserves, resulting in an increase in

book value per share to $26.68

Sequential increase in Distributable Earnings driven by net portfolio growth, translating to

9.1% yield on book

(2)

relative to USD LIBOR of 0.1%

Investments

Originated 19 loans and 2 upsizes totaling $2.2 billion, with 80% of new lending activity

from repeat sponsor relationships

Net portfolio growth of $423 million as $2.3 billion of fundings exceeded $2.0 billion of

repayments during the quarter

Investment pace on par with pre-pandemic levels, with robust activity across geographies

Portfolio

Upsized $423 million Term Loan B-2 tranche and reduced interest rate by 250bps

Closed $2.5 billion of accretive credit facility financings on increasingly favorable terms

across multiple counterparties and currencies

Issued $1.0 billion CLO, adding well-structured and efficiently priced asset-level leverage

and increasing total CLOs outstanding to $3.5 billion

Capitalization

$19.2

billion

(3)

senior

loan

portfolio

secured

by

institutional

quality

real

estate

in

major

markets

Continued strong credit performance driving consistent interest collections and reduced

CECL reserve levels

98%

performing

portfolio

with

a

weighted

average

origination

LTV

(3)(4)

of

65%

Blackstone  |

Blackstone Mortgage Trust, Inc.

3

EARNINGS

2Q

GAAP

earnings

per

share

of

$0.89

and

Distributable

Earnings

(1)

per

share

of

$0.61

Increase in book value per share relative to prior year due to CECL reserve decrease, reflecting strong credit

performance of the portfolio as the general economic recovery continues

Increasing EPS

Increasing Book Value

$26.42

$26.68

12/31/2020

6/30/2021

+$0.26

(1)

See Appendix for a definition and reconciliation to GAAP net income.

$0.59

$0.61

1Q '21

2Q '21

Distributable EPS

GAAP EPS

$0.53

$0.55

1Q '21

2Q '21

CECL Reserve Reduction

(1)

$0.89

$0.54

Blackstone  |

Blackstone Mortgage Trust, Inc.

4

INVESTMENTS

(1)

Total liquidity of $1.4 billion primarily includes $290 million of cash and $1.1 billion of immediately available borrowings under credit facilities.

2Q originations of $2.2 billion with strong activity across all primary sectors and markets

$1.4 billion of liquidity

(1)

supports continued growth of portfolio and earnings power within existing capital base

Origination Volume

($ in billions)

Track Record of Portfolio Growth

($ in billions)

1H '19

1H '20

1H '21

$2.0

$1.3

$3.9

$15.8

$18.0

$19.2

2Q '19

2Q '20

2Q '21

Blackstone  |

Blackstone Mortgage Trust, Inc.

5

PORTFOLIO

(1)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(2)

States and countries comprising less than 1% of total loan portfolio are excluded.

$19.2 billion

(1)

senior loan portfolio comprised of 125 investments, with an average origination LTV of 65%

Continued strong portfolio credit with 98% performing loans and 100% interest collected when due

Major Market Focus

(1)(2)

Collateral Diversification

(1)

$19.2B

portfolio

AU, 1%

CA

15%

TX

3%

IL

4%

TN, 2%

GA

5%

FL

5%

NY

20%

DC, 2%

HI, 3%

DEU, 1%

IT, 1%

UK, 10%

IR, 7%

ES, 7%

SE, 3%

NC, 1%

MA, 2%

Office

51%

Hotel

17%

Multi

13%

Industrial

5%

Life Sciences

3%

Retail

3%

Self-Storage

2%

Condo

1%

Other

5%

c

Blackstone  |

Blackstone Mortgage Trust, Inc.

6

CAPITALIZATION

Executions across the capital structure continue to increase balance sheet efficiency and reduce cost of capital

$3.7

billion

of

financing

activities

resulted

in

increased

liquidity

of

$1.4

billion

and

a

debt-to-equity

ratio

(1)

of

2.7x

$15.4B

financings

Diversified Financing Sources

(outstanding balance)

Capital Markets Activity

Term Loan B:

Repriced $423 million Term Loan B-2 tranche

to L+2.75%, including $100 million upsize

Securitizations:

Closed $1.0 billion BXMT 2021 FL-4

transaction with an 80% advance rate and a

weighted average coupon of L+1.27%

Secured Debt:

Closed $2.5 billion of credit facility financings

on favorable economic and structural terms

(1)

Represents (i) total outstanding secured debt, asset-specific debt, term loans, and convertible notes, less cash, to (ii) total equity.

Convertibles Notes

, 4%

Term

Loan

B,

9%

Asset

-Specific

Debt, 8%

Securitizations

22%

Secured Debt

Facilities, 57%

Blackstone  |

Blackstone Mortgage Trust, Inc.

Appendix

7

Blackstone  |

Blackstone Mortgage Trust, Inc.

$18.8

$19.2

$2.3

$2.0

1Q ’21

Loans

Outstanding

Fundings

Repayments

2Q ’21

Loans

Outstanding

8

APPENDIX

(1)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

(2)

Amounts may not add due to rounding.

(3)

Adjusted to reflect $37 million of non-cash fluctuations in foreign currency rates during the period for comparability to our total loan portfolio as of March 31, 2021.

(4)

Includes $890 million of Non-Consolidated Senior Interests and investment exposure to the $696 million 2018 Single Asset Securitization through a $79 million subordinate interest.

(5)

Includes $1.0 billion of Non-Consolidated Senior Interests and investment exposure to the $623 million 2018 Single Asset Securitization through a $79 million subordinate interest.

Net Fundings

(2)

($ in billions)

2Q 2021 Operating Results

($ in millions)

$0.89

net income per share

$0.61

distributable earnings per share

(5)

(3)(4)

GAAP Net

Income

Adjustments

Distributable

Earnings

Interest income

$196.3

$     -

$196.3

Interest expense

(82.4)

0.2

(82.2)

Management and incentive fees

(21.5)

-

(21.5)

General and administrative

expenses and taxes

(2.8)

-

(2.8)

Decrease in current expected

credit loss reserve

50.9

(50.9)

-

Non-cash compensation

(8.0)

8.0

-

Realized hedging and

foreign currency income, net

(1)

-

0.7

0.7

Net income attributable to non-

controlling interests

(0.9)

0.3

(0.6)

Total

$131.6

($41.7)

$89.9

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Portfolio excludes our $79 million subordinate interest in the $623 million 2018 Single Asset Securitization.

(2)

Date loan was originated or acquired by us, and the LTV as of such date. Origination dates are subsequently updated to reflect material loan modifications.

(3)

In certain instances, loans are financed through the non-recourse sale of a senior loan interest that is not included in the consolidated financial statements. As of June 30, 2021, five loans in the

portfolio have been financed with an aggregate $1.0 billion of Non-Consolidated Senior Interests, which are included in the table above.

(4)

Maximum maturity assumes all extension options are exercised; however, floating rate loans generally may be repaid prior to their final maturity without penalty.

(5)

This loan is accounted for under the cost recovery method.

(6)

Consists of both floating and fixed rates. Spread and all-in yield assume applicable floating benchmark rates for weighted-average calculation. Excludes loans under the cost-recovery method.

9

Portfolio Details

(1)

($ in millions)

Origination

Total

Principal

Net Book

Maximum

Property

Loan Per

Origination

Loan Type

Date

(2)

Loan

(3)

Balance

(3)

Value

Maturity

(4)

Location

Type

SQFT / Unit / Key

LTV

(2)

Loan 1

Senior loan

8/14/2019

$  1,334

$  1,295

$  1,290

+ 2.53

%

+ 2.99

%

12/23/2024

Dublin - IE

Office

$471 / sqft

74 %

Loan 2

Senior loan

3/22/2018

905

905

904

+ 3.25

%

+ 3.42

%

3/15/2023

Diversified - Spain

Mixed-Use

n/a

71 %

Loan 3

Senior loan

11/25/2019

724

669

670

+ 2.30

%

+ 2.59

%

12/9/2024

New York

Office

$958 / sqft

65 %

Loan 4

Senior loan

3/30/2021

584

584

578

+ 3.20

%

+ 3.41

%

5/15/2026

Diversified - SE

Industrial

$107 / sqft

76 %

Loan 5

Senior loan

(3)

8/7/2019

746

390

77

+ 3.12

%

+ 3.60

%

9/9/2025

Los Angeles

Office

$263 / sqft

59 %

Loan 6

Senior loan

8/22/2018

363

363

362

+ 3.15

%

+ 3.49

%

8/9/2023

Maui

Hospitality

$471,391 /  key

61 %

Loan 7

Senior loan

9/23/2019

415

356

353

+ 3.00

%

+ 3.22

%

11/15/2024

Diversified - Spain

Hospitality

$194,433 /  key

62 %

Loan 8

Senior loan

10/23/2018

352

349

349

+ 3.40

%

+ 3.53

%

1/24/2022

New York

Mixed-Use

$591 / sqft

65 %

Loan 9

Senior loan

4/11/2018

355

345

344

+ 2.85

%

+ 3.10

%

5/1/2023

New York

Office

$437 / sqft

71 %

Loan 10

Senior loan

(3)

8/6/2015

334

334

61

5.75

%

5.85

%

10/29/2022

Diversified - EUR

Other

n/a

71 %

Loan 11

Senior loan

1/11/2019

332

332

329

+ 4.35

%

+ 4.70

%

1/11/2026

Diversified - UK

Other

$328 / sqft

74 %

Loan 12

Senior loan

3/16/2021

491

307

303

+ 3.85

%

+ 4.15

%

4/9/2026

Boston

Life Sciences

$759 / sqft

66 %

Loan 13

Senior loan

2/27/2020

300

294

292

+ 2.70

%

+ 3.04

%

3/9/2025

New York

Mixed-Use

$921 / sqft

59 %

Loan 14

Senior loan

11/30/2018

286

286

285

n/m

%

(5)

n/m

%

(5)

8/9/2025

New York

Hospitality

$306,870 /  key

73 %

Loan 15

Senior loan

9/30/2019

306

286

286

+ 3.66

%

+ 3.75

%

9/9/2024

Chicago

Office

$248 / sqft

58 %

Loans 16 - 124

Senior loans

(3)

Various

14,663

11,435

10,956

+ 3.29

%

(6)

+ 3.62

%

(6)

Various

Various

Various

Various

64 %

CECL reserve

(129)

Total/Wtd. avg.

$  22,489

$  18,529

$  17,308

+ 3.25

%

(6)

+ 3.58

%

(6)

3.1 yrs

66 %

All-in

Spread

Yield

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

10

Consolidated Balance Sheets

($ in thousands, except per share data)

June 30, 2021

December 31, 2020

Assets

Cash and cash equivalents

$289,552

$289,970

Loans receivable

17,436,843

16,572,715

Current expected credit loss reserve

(128,945)

(173,549)

Loans receivable, net

$17,307,898

$16,399,166

Other assets

304,297

269,819

Total assets

$17,901,747

$16,958,955

Liabilities and equity

Secured debt, net

$8,709,818

$7,880,536

Securitized debt obligations, net

2,833,778

2,922,499

Asset-specific debt, net

292,122

391,269

Term loans, net

1,332,130

1,041,704

Convertible notes, net

618,111

616,389

Other liabilities

158,833

202,327

Total liabilities

$13,944,792

$13,054,724

Commitments and contingencies

—

—

Equity

Class A common stock, $0.01 par value

1,470

1,468

Additional paid-in capital

4,719,203

4,702,713

Accumulated other comprehensive income

10,743

11,170

Accumulated deficit

(800,455)

(829,284)

Total Blackstone Mortgage Trust, Inc. stockholders’

equity

$3,930,961

$3,886,067

Non-controlling interests

25,994

18,164

Total equity

$3,956,955

$3,904,231

Total liabilities and equity

$17,901,747

$16,958,955

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

11

Consolidated Statements of Operations

($ in thousands, except per share data)

2021

2020

2021

2020

Income from loans and other investments

Interest and related income

$196,303

$191,982

$383,827

$396,857

Less: Interest and related expenses

82,352

$84,853

160,723

189,092

Income from loans and other investments, net

$113,951

$107,129

$223,104

$207,765

Other expenses

Management and incentive fees

21,545

20,496

40,752

39,773

General and administrative expenses

10,669

11,286

21,267

23,078

Total other expenses

$32,214

$31,782

$62,019

$62,851

Decrease (increase) in current expected credit loss reserve

50,906

(56,819)

52,199

(179,521)

Income (loss) before income taxes

$132,643

$18,528

$213,284

$(34,607)

Income tax provision

175

23

276

173

Net income (loss)

$132,468

$18,505

$213,008

($34,780)

Net income attributable to non-controlling interests

(873)

(961)

(1,511)

(1,028)

Net income (loss) attributable to Blackstone Mortgage Trust, Inc.

$131,595

$17,544

$211,497

($35,808)

Per share information (basic and diluted)

Net income (loss) per share of common stock

$0.89

$0.13

$1.44

($0.26)

Weighted-average shares of common stock outstanding

147,342,822

138,299,418

147,339,895

136,959,341

Three Months Ended June 30,

Six Months Ended June 30,

Blackstone  |

Blackstone Mortgage Trust, Inc.

APPENDIX

(1)

Represents net income attributable to Blackstone Mortgage Trust, Inc.

(2)

Primarily represents the repatriation of net interest income earned during the quarter from non-USD investments. The difference between the value of such income on the date of conversion to USD

and our cumulative basis in such income is not included in GAAP net income, but rather as a component of Other Comprehensive Income on our consolidated balance sheet.

12

Per Share Calculations

(in thousands, except per share data)

Distributable Earnings

Reconciliation

Book Value

per Share

Earnings

per Share

June 30, 2021

March 31, 2021

Net income

(1)

$131,595

$79,902

Decrease in current expected credit loss reserve

(50,906)

(1,293)

Non-cash compensation expense

8,020

8,085

Realized hedging and foreign currency income, net

(2)

744

172

Other items

194

130

Adjustments attributable to non-controlling interests, net

248

(47)

Distributable Earnings

$89,895

$86,949

Weighted-average shares outstanding, basic and diluted

147,343

147,337

Distributable Earnings per share, basic and diluted

$0.61

$0.59

Three Months Ended

June

30,

2021

March

31,

2021

Stockholders' equity

$3,930,961

$3,883,023

Shares

Class A common stock

147,016

147,031

Deferred stock units

328

318

Total outstanding

147,344

147,349

Book value per share

$26.68

$26.35

Three

Months

Ended

June 30, 2021

March 31, 2021

Net income

(1)

$131,595

$79,902

Weighted-average shares outstanding, basic and diluted

147,343

147,337

Per share amount, basic and diluted

$0.89

$0.54

Three Months Ended

Blackstone  |

Blackstone Mortgage Trust, Inc.

DEFINITIONS

13

Distributable

Earnings:

Blackstone

Mortgage

Trust,

Inc.

(“BXMT”)

discloses

Distributable

Earnings

in

this

presentation.

Distributable

Earnings

is

a

financial

measure

that

is

calculated

and

presented

on

the

basis

of

methodologies

other

than

in

accordance

with

generally

accepted

accounting

principles

in

the

United

States

of

America

(“GAAP”).

Distributable

Earnings

is

a

non-GAAP

measure,

which

we

define

as

GAAP

net

income

(loss),

including

realized

gains

and

losses

not

otherwise

included

in

GAAP

net

income

(loss),

and

excluding

(i)

non-cash

equity

compensation

expense,

(ii)

depreciation

and

amortization,

(iii)

unrealized

gains

(losses),

and

(iv)

certain

non-cash

items.

Distributable

Earnings

may

also

be

adjusted

from

time

to

time

to

exclude

one-time

events

pursuant

to

changes

in

GAAP

and

certain

other

non-cash

charges

as

determined

by

our

Manager,

subject

to

approval

by

a

majority

of

our

independent

directors.

During

the

three

months

ended

June

30,

2021,

we

recorded

a

$51

million

decrease

in

current

expected

credit

loss

reserve,

or

CECL

reserve,

which

has

been

excluded

from

Distributable

Earnings

consistent

with

other

unrealized

gains

(losses)

pursuant

to

our

existing

policy

for

reporting

Distributable

Earnings

and

the

terms

of

the

management

agreement

between

our

Manager

and

us.

We

believe

that

Distributable

Earnings

provides

meaningful

information

to

consider

in

addition

to

our

net

income

and

cash

flow

from

operating

activities

determined

in

accordance

with

GAAP.

This

adjusted

measure

helps

us

to

evaluate

our

performance

excluding

the

effects

of

certain

transactions

and

GAAP

adjustments

that

we

believe

are

not

necessarily

indicative

of

our

current

loan

portfolio

and

operations.

We

believe

Distributable

Earnings

is

a

useful

financial

metric

for

existing

and

potential

future

holders

of

our

class

A

common

stock

as

historically,

over

time,

Distributable

Earnings

has

been

a

strong

indicator

of

our

dividends

per

share.

Distributable

Earnings

mirrors

the

terms

of

our

management

agreement

between

our

Manager

and

us

for

purposes

of

calculating

our

incentive

fee

expense.

Distributable

Earnings

does

not

represent

net

income

or

cash

generated

from

operating

activities

and

should

not

be

considered

as

an

alternative

to

GAAP

net

income,

or

an

indication

of

our

GAAP

cash

flows

from

operations,

a

measure

of

our

liquidity,

or

an

indication

of

funds

available

for

our

cash

needs.

In

addition,

our

methodology

for

calculating

Distributable

Earnings

may

differ

from

the

methodologies

employed

by

other

companies

to

calculate

the

same

or

similar

supplemental

performance

measures,

and

accordingly,

our

reported

Distributable

Earnings

may

not

be

comparable

to

the

Distributable

Earnings

reported

by

other

companies.

Non-Consolidated

Senior

Interests:

Senior

interests

in

loans

originated

and

syndicated

to

third

parties.

These

non-recourse

loan

participations,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

in

discussions

of

the

loan

portfolio.

Non-Consolidated

Securitized

Debt

Obligations:

Senior

securitized

debt

held

by

third-parties

in

the

2018

Single

Asset

Securitization.

These

non-recourse

securitized

debt

obligations,

which

are

excluded

from

the

GAAP

balance

sheet,

constitute

additional

financing

capacity

and

are

included

in

discussions

of

the

loan

portfolio.

Blackstone  |

Blackstone Mortgage Trust, Inc.

FORWARD-LOOKING STATEMENTS

14

This

presentation

may

contain

forward-looking

statements

within

the

meaning

of

Section

27A

of

the

Securities

Act

of

1933,

as

amended,

and

Section

21E

of

the

Securities

Exchange

Act

of

1934,

as

amended,

which

reflect

BXMT’s

current

views

with

respect

to,

among

other

things,

its

operations

and

financial

performance,

its

business

plans

and

the

impact

of

and

recovery

from

the

negative

effects

of

the

COVID-19

pandemic.

You

can

identify

these

forward-looking

statements

by

the

use

of

words

such

as

“outlook,”

“objective,”

“indicator,”

“believes,”

“expects,”

“potential,”

“continues,”

“may,”

“will,”

“should,”

“seeks,”

“predicts,”

“intends,”

“plans,”

“estimates,”

“anticipates”

or

the

negative

version

of

these

words

or

other

comparable

words.

Such

forward-looking

statements

are

subject

to

various

risks

and

uncertainties.

Accordingly,

there

are

or

will

be

important

factors

that

could

cause

actual

outcomes

or

results

to

differ

materially

from

those

indicated

in

these

statements.

BXMT

believes

these

factors

include

but

are

not

limited

to

those

described

under

the

section

entitled

“Risk

Factors”

in

its

Annual

Report

on

Form

10-K

for

the

fiscal

year

ended

December

31,

2020,

as

such

factors

may

be

further

updated

from

time

to

time

in

its

periodic

filings

with

the

Securities

and

Exchange

Commission

(“SEC”)

which

are

accessible

on

the

SEC’s

website

at

www.sec.gov.

These

factors

should

not

be

construed

as

exhaustive

and

should

be

read

in

conjunction

with

the

other

cautionary

statements

that

are

included

in

this

presentation

and

in

the

filings.

BXMT

assumes

no

obligation

to

update

or

supplement

forward-looking

statements

that

become

untrue

because

of

subsequent

events

or

circumstances.

XML

Document and Entity Information	Jul. 28, 2021
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001061630
Document Type	8-K
Document Period End Date	Jul. 28, 2021
Entity Registrant Name	Blackstone Mortgage Trust, Inc.
Entity Incorporation State Country Code	MD
Entity File Number	1-14788
Entity Tax Identification Number	94-6181186
Entity Address, Address Line One	345 Park Avenue
Entity Address, Address Line Two	24th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	(212)
Local Phone Number	655-0220
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Class A common stock, par value $0.01 per share
Trading Symbol	BXMT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false